London & Stamford cautious as H1 NAV rises

Published 24th Nov 2010

Property investor London & Stamford (LSP.L) posted an increase in half-year net asset value, but remains cautious in deploying its 1 billion pounds firepower, it said on Wednesday.

London & Stamford said its net asset value per share for the six months to October 1 increased to 121 pence, from 104 pence in the year earlier period. It pretax profit was 23.3 million pounds, against 15.4 million pounds a year earlier.

"We continue to assess a wide range of opportunities to deploy our circa 1 billion pounds of firepower, but we remain cautious in our approach," Executive Chairman Raymond Mould said in a statement.

Its asset values rose 20.9 million pounds in the period.

The company also approved an interim dividend of 3 pence a share, up from 2.2 pence in the year-earlier same period.

"We will continue to work hard to identify opportunities to work alongside the banking sector as they work out their problem property portfolios, as we demonstrated through our acquisition of the Radial portfolio from the Bank of Scotland," Mould said.

Source: ' Reuters '

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